(JNS) The Knesset plenum on Tuesday, March 28 approved the first reading of the state budget for 2023 and 2024.

The $171 billion (NIS 611 billion) 2023 budget advanced in a 40-32 vote. The 2024 budget, at a proposed cost of some $184 billion (NIS 654 billion), passed the initial vote 41-32.

Next, the two bills head to the House Committee where they will be assigned a committee for revisions before heading back to the plenum for the second and third readings needed to become law. The 2023 budget must be approved by May 28 or else the government automatically falls and an early election is held.

Until the new budget is approved, the government ministries will continue to be funded under the framework of the 2022 version.